What is expected in the development of ENA?
Ethena’s roadmap is focused on growing its usefulness, improving security, and connecting more with other platforms.
- Fee Switch Activation (Q1 2026) – ENA token holders who stake their tokens will start earning a share of the protocol’s revenue.
- Ethena Chain Development (2026) – Launch a new blockchain for financial apps that use USDe as the transaction fee currency.
- Restaking Expansion (Ongoing) – Increase security for cross-chain transfers by allowing ENA tokens to be restaked through Symbiotic.
In-Depth Look
1. Fee Switch Activation (Q1 2026)
What it is:
In November 2025, Ethena’s community approved a “fee switch” that will send part of the protocol’s earnings (from USDe and sUSDe yield) directly to people who stake ENA tokens. This connects staking rewards to the actual profits the protocol makes.
Why it matters:
This is good news for ENA holders because it creates a cycle where more protocol revenue means higher staking rewards, encouraging people to hold onto their tokens longer. However, the rollout could be delayed, or rewards might be smaller if USDe doesn’t grow as expected.
2. Ethena Chain Development (2026)
What it is:
Ethena plans to build its own blockchain dedicated to decentralized finance (DeFi) apps, like perpetual decentralized exchanges (DEXs) and loans without full collateral. This chain will use USDe as the “gas” token, which pays for transaction fees. ENA tokens that are restaked will help secure important parts of the network, such as price oracles and bridges that connect different blockchains.
Why it matters:
This move could make USDe a key building block in DeFi and increase the usefulness of ENA tokens. On the downside, technical challenges or competition from other popular blockchains could slow progress.
3. Restaking Expansion (Ongoing)
What it is:
Ethena is working with EigenLayer’s network to improve security for USDe transfers across different blockchains using Symbiotic. People who stake ENA tokens can earn rewards in ENA, Symbiotic points, and possibly free tokens from partner projects like LayerZero.
Why it matters:
This is somewhat positive because it increases demand for ENA tokens. But it depends on ongoing activity in partner networks, and there’s a risk that mistakes in cross-chain transfers could hurt confidence temporarily.
Conclusion
Ethena’s roadmap aims to turn ENA into a token that generates real income through the fee switch and to make USDe a more important player in decentralized finance with the new Ethena Chain. While there are risks in delivering these plans, success could establish Ethena as a leader in synthetic dollar technology. The big question remains: Will the fee switch trigger a supply squeeze as more stakers lock up their tokens?
What updates are there in the ENA code base?
Ethena’s latest updates focus on increasing the usefulness of $ENA by introducing restaking options and better aligning the ecosystem.
- Generalized Restaking Launch (June 26, 2025) – Users can now stake $ENA to help secure cross-chain transactions through LayerZero integration.
- Vesting Lock Requirements (June 17, 2025) – To claim unvested airdropped $ENA, users must lock 50% of their tokens, reducing quick sell-offs.
Deep Dive
1. Generalized Restaking Launch (June 26, 2025)
Overview:
Ethena now allows staking of $ENA and $sUSDe tokens in Symbiotic pools. This helps secure USDe transfers across different blockchains using LayerZero’s DVN network. Essentially, this update connects $ENA’s value directly to the security of the entire ecosystem.
What this means:
This is good news for $ENA holders because it encourages holding tokens longer. Staking rewards are tied to the network’s security and future airdrops. Users can earn 30 times more Ethena rewards, plus points in Symbiotic/Mellow programs, and benefit from LayerZero incentives. By staking, users help reduce selling pressure and expand $ENA’s role beyond just voting rights.
(Source)
2. Vesting Lock Requirements (June 17, 2025)
Overview:
Ethena requires that 50% of newly vested $ENA tokens from airdrops be locked in staking pools like Ethena Lock, Pendle PT-ENA, or Symbiotic. This rule aims to discourage quick selling after receiving tokens.
What this means:
This change is mostly positive for $ENA because it lowers the chance of immediate sell-offs from airdrop recipients. However, some users might be unhappy about having to lock their tokens. If users don’t lock their unvested $ENA, those tokens are redistributed to users who follow the rules, encouraging everyone to support the ecosystem’s growth.
Conclusion
Ethena’s updates are designed to make $ENA more useful by adding restaking features and discouraging short-term selling. These changes help align incentives for long-term holders. The key question is whether the new LayerZero integration and staking rewards will be enough to counteract broader market challenges affecting $ENA’s price.
Why did the price of ENA fall?
Ethena (ENA) dropped 3.45% in the last 24 hours, underperforming the overall crypto market, which fell by 2.26%. The main reasons for this decline are:
- Economic concerns – Investors remain cautious after U.S. inflation data on December 5th came in worse than expected.
- Technical support break – ENA’s price fell below an important support level at $0.25278, triggering automatic sell orders.
- Shift to Bitcoin – More traders moved their funds into Bitcoin, increasing its market share to 58.65%, as they sought safer options over other cryptocurrencies.
Deep Dive
1. Economic Pressures (Negative Impact)
On December 5th, the U.S. reported core PCE inflation at 2.8% year-over-year, which was lower than expected. This raised concerns that the Federal Reserve might keep interest rates high for longer to control inflation. As a result, the crypto market experienced a large sell-off, with $497 million liquidated across various assets (The Defiant). Although ENA initially held up better than some other coins, its close connection to Ethereum (ETH) and lower trading volume made it more vulnerable to the downturn.
2. Technical Breakdown (Mixed Impact)
ENA’s price fell below the 78.6% Fibonacci retracement level at $0.25278, a key support point that had held during November’s price swings. Looking at the 4-hour chart:
- RSI (14): 42.91, indicating neutral momentum but trending downward
- MACD: Shows a weakening bullish signal as the momentum slows
Traders are now watching the next support level at $0.22379. If the price falls below this, it could lead to more selling pressure.
3. Stablecoin Concerns (Potential Negative Impact)
Ethena’s USDtb stablecoin saw its market value drop by 22% to $1.04 billion on December 4th (Coinspeaker). While this doesn’t directly affect ENA’s token structure, it raises questions about the long-term revenue potential of the Ethena protocol, which is important for ENA’s overall value.
Conclusion
ENA’s recent price drop is driven by broader economic worries and weakness in alternative cryptocurrencies, along with its fall below important technical support levels. The recent launch of the 21Shares ETP on December 4th adds some institutional trust, but investors are waiting for clearer signs that demand for USDe and USDtb stablecoins will improve.
Key point to watch: Can ENA hold the $0.223 to $0.25 price range ahead of the upcoming U.S. Consumer Price Index (CPI) report on December 12?
What could affect the price of ENA?
Ethena’s price is currently caught between exciting new technology developments and some tough market challenges.
- Restaking adoption – The upcoming launch of the Ethena Chain could increase the coin’s usefulness and value (positive sign)
- USDe stablecoin risks – Problems with the USDe stablecoin, like negative funding rates or people cashing out, could put downward pressure on ENA (negative sign)
- Whale buying – Large investors recently purchased over $35 million worth of ENA, showing strong interest (positive sign)
Deep Dive
1. Protocol Expansion & Restaking (Positive Outlook)
What’s happening: Ethena plans to launch its own blockchain in 2025. This new chain will use staked ENA tokens to help secure transactions across different blockchains and support decentralized finance (DeFi) apps. Thanks to a partnership called Symbiotic, users who lock up their ENA tokens can earn up to 30 times more rewards. So far, more than 290 million ENA tokens have been locked in (Ethena Docs).
Why it matters: If this restaking system takes off, it could create steady demand for ENA tokens, helping to balance out selling pressure from token unlocks. But if the launch is delayed or if there are issues with the smart contracts, it could hurt investor confidence.
2. Stablecoin Dynamics (Mixed Outlook)
What’s happening: The supply of USDe, Ethena’s stablecoin, dropped 24% to $7.1 billion in November after a “depeg” event in October (when the stablecoin lost its 1:1 value peg to the dollar). To address this, Ethena introduced a new regulated stablecoin called USDtb and partnered with Binance and Bitget to help stabilize demand (The Defiant).
Why it matters: If USDe recovers and regains market share, it could boost confidence in Ethena’s revenue model, since the protocol earns 20% of USDe’s yield. On the other hand, if USDe faces more problems, it could lead to mass withdrawals, which would negatively impact ENA’s price.
3. Whale Activity & Token Unlocks (Mixed Outlook)
What’s happening: A large investor (“whale”) bought $35.7 million worth of ENA during December’s price dip. Meanwhile, about 40 million tokens (worth over $10 million) are scheduled to unlock every week until 2026. The top 2,000 wallets hold 78% of all ENA tokens (CoinJournal).
Why it matters: When a few wallets control most of the tokens, it can lead to price swings. However, big buyers like Mega Matrix, which holds $6 million in ENA, show strong long-term belief in the project. It’s important to watch how many tokens are moving on and off exchanges as these unlocks happen.
Conclusion
Ethena’s price will depend on how well it rolls out its restaking features while managing risks related to its stablecoin during a tough market environment. The 200-day exponential moving average (EMA) at $0.47 is a key resistance level—breaking above it could indicate a positive trend change.
What to watch next: Keep an eye on the progress of the Ethena Chain testnet launch and whether USDe’s supply recovers above $8 billion.
哪些交易所已上架 ENA ETP？
The Ethena (ENA) ETP is now available on three major European stock exchanges: SIX Swiss Exchange, Euronext Amsterdam, and Euronext Paris. This was confirmed by several news sources this week confirming the venues.
- The product is called the 21Shares Ethena ETP, with the ticker symbol EENA, as covered in recent European launch news this week.
- These listings allow European investors to buy ENA through a regulated, exchange-traded product instead of owning the cryptocurrency directly per the report above.
Deep Dive
1. Where It’s Listed
The Ethena ETP is listed on three well-known European exchanges: SIX Swiss Exchange, Euronext Amsterdam, and Euronext Paris. These exchanges are key platforms for crypto-related investment products in Europe and were specifically mentioned in this week’s launch announcements confirming the venues.
What this means: If you use a European brokerage that trades on SIX or Euronext, you can invest in ENA through a regulated security. This means you don’t have to buy or store the actual cryptocurrency yourself.
2. About the Product
The issuer of this ETP is 21Shares, one of Europe’s largest providers of digital asset exchange-traded products. The specific product is the 21Shares Ethena ETP, ticker EENA, as noted in launch coverage this week.
What this means: Having a well-known issuer like 21Shares usually makes it easier for investors to access the product and for brokers to offer it. However, how easy it is to buy or sell (liquidity) and the cost difference between buying and selling prices (spreads) will depend on market makers supporting the product on each exchange.
3. Why This Is Important
News reports highlight that these listings give European investors a regulated and convenient way to invest in ENA, potentially increasing the number of buyers per the report above.
What this means: Keep an eye on trading activity and price spreads on SIX and Euronext to see if the product continues to attract interest beyond the initial launch.
Conclusion
The 21Shares Ethena ETP (EENA) is now trading on three major European exchanges, offering investors a regulated way to gain exposure to ENA without owning the cryptocurrency directly. The real impact will depend on how much trading volume and liquidity develop on these exchanges in the near future.
What are people saying about ENA?
The Ethena (ENA) community is divided between optimism for a price breakout and concerns about the protocol’s challenges. Here’s what’s currently trending:
- Bearish pressure vs. growth of USDe stablecoin
- Bets on a breakout above $0.70
- Positive sentiment from new institutional ETPs
Deep Dive
1. @Nicat053nn: ENA’s Stablecoin Challenges — Bearish Outlook
"ENA is facing pressure due to unstable funding rates and increasing competition from other stablecoins like Maker and UXD. Market downturns increase the risk of liquidations."
– @Nicat053nn (8.6K followers · 41.7K impressions · December 1, 2025, 8:57 PM UTC)
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What this means: This is a bearish signal for ENA because competitors and unstable funding rates threaten the adoption of USDe, Ethena’s key revenue source.
2. @Kingpincrypto12: Weekly Chart Shows Double Bottom — Bullish Signal
"Double bottom pattern plus reclaiming the range low is bullish. Planning to build long positions targeting $0.68 to $1.25."
– @Kingpincrypto12 (32.3K followers · 13.7K impressions · October 5, 2025, 8:30 AM UTC)
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What this means: This is a positive sign for ENA. Technical traders see strong support between $0.45 and $0.51, backed by large investors buying 79.25 million ENA tokens in July.
3. @MisterSpread: Resistance Levels Pose Risks — Neutral Outlook
"$0.51 has shifted from support to resistance. ENA needs daily closes above $0.65 to confirm a bullish reversal."
– @MisterSpread (67K followers · 44.7K impressions · October 22, 2025, 1:41 PM UTC)
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What this means: Neutral for now. ENA must break through the $0.51 to $0.65 range, where about 4.2 billion tokens are held at a loss, before a clear upward trend can be confirmed (source: IntoTheBlock).
Conclusion
The outlook for ENA is mixed. Technical traders are watching for a breakout above $0.70, but concerns about the protocol and a 24% drop in USDe supply since October weigh on the fundamentals. Keep an eye on the 21Shares ETP inflows (launched December 3) for signs of institutional interest. Also, watch if ENA can hold the $0.25-$0.27 demand zone, which has triggered two rallies of over 150% in 2024-2025.
What is the latest news about ENA?
Ethena is navigating a challenging market by forming important partnerships and showing technical strength, but inflation concerns are putting pressure on its price. Here’s the latest:
- Stablecoin Rewards Launch (December 4, 2025) – A new partnership with Anchorage offers rewards for holders of USDe and USDtb stablecoins, aimed at institutional investors.
- 21Shares ETPs Launch (December 4, 2025) – Ethena Exchange-Traded Products (ETPs) debut on major European exchanges, making it easier for regulated investors to access ENA.
- Market Drop Due to Inflation Data (December 5, 2025) – ENA’s price fell 10% after disappointing U.S. inflation numbers.
In-Depth Look
1. Stablecoin Rewards Launch (December 4, 2025)
Ethena Labs teamed up with Anchorage Digital to introduce rewards for holders of USDtb and USDe stablecoins. This program is designed for institutions looking to earn returns without locking up their assets. After the launch, USDtb’s market cap dropped 22% to $1.04 billion, while Ethena’s token (ENA) rose 6%.
What this means:
This partnership boosts Ethena’s appeal to institutional investors but also highlights ongoing doubts about synthetic stablecoins, especially after USDe’s value dropped to $0.65 in October. The stablecoin market grew by $316 billion in 2025, but Ethena faces stiff competition from established players like Tether and Circle.
(Source: Coinspeaker)
2. 21Shares ETPs Launch (December 4, 2025)
21Shares introduced Ethena ETPs (ticker: EENA) on the SIX Swiss Exchange and Euronext. These products give investors regulated access to ENA governance and USDe’s yield features. This follows the success of Morpho’s $9 billion lending protocol ETP, showing growing interest in structured decentralized finance (DeFi) products.
What this means:
The ETPs make it easier for institutions to participate in Ethena’s ecosystem, which could help stabilize ENA’s liquidity. However, USDe’s supply dropped 24% in November, indicating competition from traditional stablecoins remains a challenge.
(Source: CoinMarketCap)
3. Market Drop Due to Inflation Data (December 5, 2025)
ENA’s price fell 10.4% to $0.25 after U.S. core Personal Consumption Expenditures (PCE) inflation data came in below expectations. This triggered a $497 million liquidation event in the crypto market. ENA underperformed alongside other tokens like Aptos (-11.8%) and Canton (-12.7%) during this risk-off period.
What this means:
ENA tends to be more volatile during economic shocks, but it has shown support around $0.24–$0.25, similar to its recovery in July 2025. Traders are now watching Bitcoin’s $89,000 level for signs of broader market direction.
(Source: The Defiant)
Conclusion
Ethena is balancing growing institutional interest through partnerships with Anchorage and 21Shares against challenges from inflation and skepticism about stablecoins. While its new ETPs and reward programs build credibility, ENA’s price still depends heavily on Bitcoin’s performance and inflation trends. The key question is whether ENA’s technical support can hold if market sentiment remains low, as indicated by the Fear & Greed Index at 22/100.